JasmyCoin has improved double digits in a week
The coin has hit a descending trendline
JASMY may be right in line with long-term bearish momentum
JasmyCoin (JASMY/USD) saw an increase in trading volume amid mixed trading on Friday cryptocurrency Business. The token, which is ranked as low as #543 on Coinmarketcap, has seen an increase of 13% in the past week. Weekly gains now take the bulls to a key level that will determine whether investors will see further gains.
JASMY is the native token of Jasmy Corporation, a Tokyo-based firm of the Internet of Things. The company enables the buying and selling of data by connecting service providers and users. From a decentralization perspective, the Jasmine platform allows users complete control over their personal information. This has been enabled by enabling IoT through blockchain technology. In short, Jasmine aims to provide a platform where users can transfer data freely, easily and securely.
JASMY saw interest in 2021 at the height of the crypto boom. It has since crashed and is trading at just $0.004. This compares to the November 2021 high at $0.35 – a significantly depressed price level. With new gains, how far can this coin go?
JASMY faces resistance on the descending trendline
Technical perspective suggests that JASMY faces resistance at the descending trendline and 50-day MA. Since August, JASMY has always been rejected on the downtrend line. Although the bulls are attempting to break above the 50-day MA, they are under pressure from the bears.
The MACD indicator shows an uptrend in momentum for JASMY. Nevertheless, we see that the coin has always corrected when the MACD reaches the neutral level since August.
What’s next for Jasmine?
Despite the weekly recovery, the bearish momentum remains for Jasminecoin. To buy cryptocurrencyWait for the price to break above the descending trendline or 50-day MA.
The bullish expectation could be invalidated if the cryptocurrency’s previous price action repeats itself. The bulls should stay away until the crypto sentiment improves.
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